333 Adelaide Street Sold To Developers

The Australian Workers Union building at 333 Adelaide Street has sold for $16.6 million to private builders Icon Constructions, according to The Australian Financial Review.

The 7576 sqm building sale was negotiated by Jason Lynch of Colliers, who earlier this year sold the Queensland Government's 27-storey Mineral House as part of the government's property asset sell-off announced by the Newman administration in 2013.

The Mineral House sale to Singapore's AEP Investment Management was struck on an initial yield of 8.7 per cent with the property fully leased to the government for at least the next five years.

Mineral House, at 41 George Street, was developed by the government in the late 1970s on 2811 sqm site at the corner of Margaret Street.

Current projects by Icon Co include the $37m Stage One of Brisbane's Newstead Central, consisting of 149 luxury one and two bedroom apartments across 161 levels.

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